In a climate of economic uncertainty, project management fundamentals are still a good investment, while outsourcing is a mixed bag. In general, organizations are favoring shorter-term projects that provide flexibility, transparency and, of course, cost savings. Projects@Work surveyed several practitioners about the state of the “project economy.”
When stocks slump, once-revered financial institutions implode and oil hits $120 a barrel, it’s hard to stay focused on project management fundamentals. But whether you believe a recession is looming, already here, or that this is just a cyclical downturn already showing signs of easing, industry veterans say those who concentrate on optimizing scarce resources and selling cost-savings have the best shot at keeping their projects on the front burner.
And the same goes for those who can smartly manage the uncertain future of IT outsourcing, which under the harsh glare of current economic conditions has some questioning whether it is more golden egg or cooked goose.
“We think this sort of economic condition works in our favor,” says Doug Mow, senior vice president at the global IT services provider Exigen Services. He sees more clients analyzing backlogs and a general willingness to look at new ways to reduce costs. “We see our clients tapping on the brakes instead of slamming on the brakes.”